Refugees Score New Business Loans American Taxpayers Simply Can’t Get
As fewer and fewer Americans are able to achieve the dream of owning their home or starting their own business, their tax dollars are going to newly-arrived refugees, many of them unvetted for ties to terrorism, who may be coming America for the economic benefits, rather than to escape the chaos in the Middle East.
The International Rescue Committee (IRC), which provides refugees with start-up loans for new businesses, has announced that it will be expanding its microloan program now that it has been accredited by the United States Department of the Treasury.
The IRC is one of nine nonprofit organizations that participate in federal programs to assist with what the federal government terms “refugee resettlement”
The IRC official charged with overseeing the microloan, Kasra Movahedi, says the program is designed to “help refugees access credit affordably and move up the economic ladder” with low closing fees and a fixed interest rate.
Another group, the Microenterprise Development Program, assists refugees in becoming financially independent by providing assistance with capital resources and business expertise to start their own businesses.
Although studies indicate that although immigrants start new business ventures at a higher rate, they share the plight of most Americans in that they lack a credit history sufficient to qualify for a loan.
The difference is that refugees qualify by virtue of their immigration status alone for training and technical assistance, business plan development, management, bookkeeping, and marketing to give them the skills needed to become successful entrepreneurs, whereas American citizens are ineligible to receive such assistance and training.
“Financial liquidity and access to affordable financing is [sic] essential for any individual or family to become economically independent and self-sufficient,” said Kasra Movahedi, technical advisor for Economic Empowerment at the International Rescue Committee, underscoring that the need exists for American families, as much as those coming the United States to take advantage of the available programs.